The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the altcoin space.
Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market.Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH
Today could be the day when Bitcoin breaks its all-time high, and just about anyone in the crypto spaces knows it.
Related Reading | Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season
At just a couple hundred dollars away depending on the exchange, Bitcoin price is now the closest its ever been to its former all-time high, and each attempt from bulls gets closer and closer.
ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source:
Bitcoin Ended Alt Season As It Passed $19,000, Peak Is Possible
The divergence is clear. Bitcoin passed $17,700, causing altcoins to soar. But as soon as $19,000 was cleared, things have turned for altcoins as evident by the ETHBTC trading pair. Ethereum has tanked compared to Bitcoin’s ongoing bullishness.
Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000
But when Bitcoin does take out its all-time high, fireworks in altcoins typically happen, so downside in the alternative crypto assets is likely limited as well.Featured image from Deposit Photos, Charts from TradingView.com